OCEAN CITY, N.J. — The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey's first offshore wind farm.
The money put up on Oct. 4 by Orsted and placed in an escrow account was required under the terms of a law Gov. Phil Murphy signed in July allowing Orsted to keep federal tax credits that it otherwise would have had to return to New Jersey ratepayers. But it did not address its own timetable for completing the first of two offshore wind projects it plans to build off the New Jersey coast.In August, Orsted said the project would be delayed until 2026 due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government.
Orsted has federal approval for the Ocean Wind I project, and has state approval for a second New Jersey project, Ocean Wind II. Under Wednesday's agreement, the company would get its $100 million back if it does not receive all the government approvals it needs to build and operate the first project.
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